From October 2023 through September 2026, Massachusetts businesses received 4,723 SBA 7(a) loans totaling $1.42B, net of cancellations. That ranks 13th of 52 by number of loans and 21st by dollars. The median loan was $100K at a median starting rate of 9.99%. In FY2026 alone, lenders approved 1,485 Massachusetts loans for $500M before cancellations.
What stands out in Massachusetts
SBA Express is the main channel
59.2% of Massachusetts's 7(a) loans were made through SBA Express, against 35.8% nationally. Express loans are capped at $500,000 and the lender makes the credit decision itself, so they move faster but are smaller. The median Massachusetts loan was $100K (national median $175K).
Lower rates than average
The median starting rate on Massachusetts 7(a) loans was 9.99%, against 10.25% nationally, and 31.8% of loans carried a fixed rate (13.6% nationally). SBA caps the spread a lender can charge over the base rate, and smaller loans are allowed higher spreads, so a state's loan-size mix moves its median rate.
Smaller loans than average
The median 7(a) loan in Massachusetts was $100K, below the national median of $175K. 63.2% of Massachusetts loans were $150,000 or less (49.0% nationally) and 6.8% were $1 million or more (13.6% nationally).
Few franchise loans
Franchise businesses took 5.9% of Massachusetts's 7(a) loans, against 11.0% nationally.
Little startup lending
Loans to open a new business made up 10.5% of Massachusetts's 7(a) loans, against 16.1% nationally; counting businesses two years old or younger, the share is 27.4%.
What a typical Massachusetts SBA loan looks like
| FY2024-FY2026, not cancelled | Massachusetts | United States |
|---|---|---|
| Median loan | $100K | $175K |
| Average loan | $300K | $508K |
| Median starting rate | 9.99% | 10.25% |
| Variable-rate loans | 68.2% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 63.2% | 49.0% |
| Loans of $500K or less | 88.2% | 76.9% |
| Loans of $1M or more | 6.8% | 13.6% |
| Startups (loan opens the business) | 10.5% | 16.1% |
| Startups and businesses 2 years old or less | 27.4% | 32.0% |
| Change of ownership (buying a business) | 8.2% | 10.9% |
| Franchise businesses | 5.9% | 11.0% |
| SBA Express loans | 59.2% | 35.8% |
| Jobs supported (reported at approval) | 41,032 | 1,733,816 |
Massachusetts SBA 7(a) loans by fiscal year
SBA fiscal years run October to September, so FY2026 covers October 2025 through September 2026. "Approved" counts every loan SBA guaranteed, the basis of SBA's own published totals; "not cancelled" drops loans that were later cancelled before or after funding. FY2026 loans are recent, so some of them may still be cancelled.
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Loans approved | 1,928 | 2,038 | 1,485 |
| Dollars approved | $523M | $596M | $500M |
| Loans not cancelled | 1,721 | 1,714 | 1,288 |
| Median loan | $100K | $100K | $114K |
| Median rate | 11.00% | 10.00% | 9.00% |
| Loans of $150K or less | 64.8% | 63.1% | 61.3% |
| SBA Express share | 60.6% | 56.6% | 60.6% |
FY2026 approvals in Massachusetts changed by −27.1% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
Top SBA 7(a) lenders in Massachusetts
| Lender | Loans | Share of state |
|---|---|---|
| 1. Eastern Bank | 934 | 19.8% |
| 2. TD Bank, National Association | 556 | 11.8% |
| 3. Rockland Trust Company | 351 | 7.4% |
| 4. Manufacturers and Traders Trust Company | 316 | 6.7% |
| 5. Salem Five Cents Savings Bank | 146 | 3.1% |
| 6. Santander Bank, National Association | 134 | 2.8% |
| 7. Northeast Bank | 128 | 2.7% |
| 8. The Huntington National Bank | 125 | 2.6% |
| 9. Newtek Bank, National Association | 123 | 2.6% |
| 10. Live Oak Banking Company | 119 | 2.5% |
Industries that borrow most in Massachusetts
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Construction | 817 | 17.3% | $100K | 10.25% |
| Restaurants and hotels | 552 | 11.7% | $150K | 9.75% |
| Professional services | 537 | 11.4% | $100K | 10.24% |
| Other services (repair, personal care) | 513 | 10.9% | $88K | 10.24% |
| Health care | 456 | 9.7% | $150K | 9.62% |
| Retail | 449 | 9.5% | $100K | 9.75% |
| Administrative and support services | 369 | 7.8% | $80K | 9.75% |
| Transportation and trucking | 213 | 4.5% | $70K | 9.75% |
Where in Massachusetts the loans go
| County | Loans |
|---|---|
| Middlesex | 1,104 |
| Essex | 765 |
| Norfolk | 518 |
| Worcester | 490 |
| Suffolk | 445 |
| Plymouth | 387 |
| Bristol | 313 |
| Barnstable | 265 |
| City | Loans |
|---|---|
| Boston | 199 |
| Worcester | 91 |
| Salem | 72 |
| Peabody | 69 |
| Plymouth | 67 |
| Beverly | 67 |
| Quincy | 66 |
| Lynn | 61 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
SBA 504 loans in Massachusetts
The SBA 504 program finances owner-occupied real estate and long-life equipment. A certified development company (CDC) lends up to 40% of the project with an SBA-backed debenture, a bank typically lends about 50%, and the business puts in the rest. The amounts below are the CDC portion.
| Massachusetts | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 607 | 18,076 |
| 504 dollars | $501M | $20.82B |
| Median 504 loan | $539K | $742K |
| Jobs supported (reported at approval) | 5,077 | 190,338 |
| Most active CDCs | 504 loans |
|---|---|
| Bay Colony Development Corporation | 203 |
| Granite State Economic Development Corporation | 202 |
| New England Certified Development Corporation | 93 |
| Worcester Business Development Corporation | 34 |
| South Eastern Economic Development Corporation | 33 |
How older loans performed
Of the 1,938 SBA 7(a) loans approved for Massachusetts businesses in FY2020 and FY2021 (not cancelled), 51 had been charged off by September 30, 2026: 2.6% by count and 0.7% of dollars approved. The national figures are 3.7% and 1.0%. Loans from these years have had five to seven years to season, so they say more about losses than recent loans do.
SBA district office for Massachusetts
Massachusetts loans are overseen by the SBA Massachusetts District Office. District offices do not make loans; they support lenders and borrowers and point businesses to local resource partners. Contact details are on SBA's local assistance page.
Comparing SBA and other funding in Massachusetts
An SBA loan is often the cheapest long-term money a small business can get, but approval takes weeks and the 2025 and 2026 rule changes narrowed who qualifies. FSE (Funding Solutions Experts) is an independent commercial finance brokerage. We are not an SBA lender and are not affiliated with the U.S. Small Business Administration; one application lets us compare SBA and non-SBA options from our funding partners side by side.
- No fee to your business: we are paid a commission by the funding partner.
- No credit check to apply.
- To be considered, a business generally needs at least 1 year in business and $10,000 or more in monthly revenue.
Read what an SBA loan is and how the programs work or our SBA and term loans guide, and see our guide to business funding in Massachusetts.
Frequently asked questions
How many SBA loans were made in Massachusetts?
Lenders approved 1,928 SBA 7(a) loans for Massachusetts businesses in FY2024, 2,038 in FY2025 and 1,485 in FY2026, before cancellations. Net of cancelled loans, the three years total 4,723 loans worth $1.42B, plus 607 SBA 504 loans worth $501M.
Which banks make the most SBA loans in Massachusetts?
In FY2024 to FY2026 the most active 7(a) lenders in Massachusetts were Eastern Bank (934 loans, 19.8%), TD Bank, National Association (556 loans, 11.8%), Rockland Trust Company (351 loans, 7.4%).
What is the typical SBA loan size and rate in Massachusetts?
The median 7(a) loan in Massachusetts was $100K and the average was $300K. The median starting interest rate was 9.99%, 68.2% of loans had a variable rate, and the median term was 120 months.
Source and method
Figures come from the U.S. Small Business Administration's 7(a) and 504 FOIA loan files (as of September 30, 2026), aggregated by FSE. Loans are assigned to Massachusetts by project state. Profile figures cover FY2024-FY2026 loans that were not cancelled. We publish aggregates only: no borrower names or addresses, and no figure based on fewer than 10 loans. Full details are in the methodology, and every state's figures can be downloaded as CSV.
Compare nearby states by volume: Georgia, Colorado, North Carolina, Minnesota, or see all states.